That is one of the leading questions anyone considering forex trading asks. The simple answer is yes you can, but the reality is that it depends.

The best way to enumerate this is to start with an example. George Soros, worth an estimated 8 billion US dollars, made his money through investing. He is known as the man who broke the bank of England because, in 1992, he took a short position against the pound and made a profit of 1 billion dollars when the UK withdrew from the ERM.

There are other examples to consider, such as Andrew Krieger and Stanley Druckenmiller. Clearly, there is money in forex exchange. However, there is a reason why when you Google people who became millionaires via forex trading only these few names come up.

The reason is that it takes more than luck or a casual knowledge of the forex exchange market to make it big. Instead, it takes time, commitment, and willingness to fail and learn from failure. George Soros, for instance, studied at the London School of Economics and followed that up by working in various banks. It then took him more than ten years after starting his first hedge fund to make that 1-billion-dollar profit. He took his time, learned what he needed to learn and eventually it paid off.

Therefore, wherever you are trading from, forex exchange the United States, India or forex trading Australia, the principals that govern success in the forex trading are similar. Here are three of them.

Start Small

The continuous piece of advice every experienced trader gives is that everyone ought to recognize that forex trading is not a shortcut to immediate wealth. While there are people who are lucky enough to make it big with their first trade, for 99% of traders, it takes time.

It does not matter how skilled you may be, always start small. The best place to start is with a demo account. Find a good broker, and there are many available such as Rakuten broker and open a demo account.

Practice until you feel you have learned enough then move on to live trading. Once you start live trading, do not immediately begin trading 300,000 dollars on a 10,000 dollars’ account. Chances are, you will probably lose 20% of your account in a matter of weeks.

Always start small and increase your leverage with time. That is the foundation of making it big in forex trading.

Commit Yourself to Learning More

Everyone is a total of what they know, and it is what you know about forex trading that will determine how successful you are. The thing about forex trading is that it is not constant, it changes every single day. The factors that affect the falling and rising of a particular currency are continually shifting.

As a result, it is necessary that you commit yourself to learning more, and to keeping up with the changing industry if you are to remain competitive. At the moment, traders who initially embraced cryptocurrencies and machine learning are raking in money merely because they noticed an oncoming change and were quick to adapt and learn.

The trick to forex trading success is always to be open to learning more. Never stop learning.

Do Your Research and Take Advantage of the Tools Available

In the current age, there are countless tools to help a trader. The trick is in identifying which device is right for you. It could be SSI, a tool that tells you the traders who are short vs. those who are long on a specific currency pair.

The tool could also be copy trading or social trading; a tool that allows you to learn from and copy more experienced traders.

In essence, the tools available are too many to list. Therefore, do adequate research, combine that with what you have learned and pick a tool you are convinced will make you a better trader.

Final Word

Remember also; your broker plays a vital role in your success as a trader. Rakuten Securities, for instance, or any other trusted broker who will partner with you to ensure the best possible environment for a successful trading career.

You would have heard about discipline. In fact, disciplined behavior must be something that you have previously encountered. But what about a disciplined trading mindset? Have you heard of it? It’s okay if you haven’t. We will make it clear for you! The market for foreign currency exchange is not as it’s painted by the trading platform developers and some scam brokers. They paint the market as if it doesn’t involve losses, but rather only generates gains. They paint it as if it is easy to be a trader and you wouldn’t need anything much. Of course, you don’t need anything much compared to other careers but still, there are certain unique demands for the foreign currency exchange market that are required. They paint a  picture-perfect market, but it is not true. Even the Forex market has a few flaws. There’s nothing perfect in this world. Everything would be flawed if you look deep enough into it. However, the picture-perfect imagination impacts traders heavily. They easily get effected by such marketing tricks. Read this article to get the clear and true picture of the market. What does that have to do with having a disciplined trading mindset? Well, there are a lot of things that you can do if you have the right mindset. You will find it below!

Identify the mistake

Making mistakes can be great, effective way to learn new things. In fact, all the senior traders bring positive change to their trading strategy by assessing their mistakes. As a full-time trader, you need to write down the details of each trade setup so that you can assess it during the weekend. This will help you to pinpoint the key problems with your strategy within a very short period of time. Once you know the problem, you will be able to work out how you can use the demo accounts to fix the issues.

Put the trust in yourself

There are many traders who easily lose faith in themselves. Why does it happen? Why is it common among newcomers? Unless a person trusts himself or herself he or she wouldn’t be able to continue their journey. This doesn’t apply only to Forex trading but also to everything else in life. Even to complete a degree or any other educational course, you should believe that you can. You should not do it just because someone asked you to. So, this is all about trading mindset and the connection it has with you having confidence in yourself. If you trust yourself you would listen to your trading instincts. On the other hand, if you don’t trust yourself you would always have doubts about your decisions. A trader should not exhibit this type of behaviors. So, you should discipline your trading mindset. How do you do that though? It is pretty simple! You have to believe in yourself. To be honest, most traders don’t trust themselves which is why the success rate is very low in trading. You are the main reason for your success, you should trust yourself to do it.

Focus on smaller changes

You don’t have to work monotonously. Even your trading journey doesn’t have monotonous. If you want to improve your trading experience and behaviors you should add a few changes at a time. You should focus on the smaller changes. Some traders prefer not to change but sometimes change can be positive. You should make your mindset to accept the changes that you make if not it would be impossible to gain profits. For example, finding a new trading method. Or finding a new strategy.

Think out of bounds

If you are in the foreign currency exchange market, you are not bound by any rules. You can create rules and break rules. But don’t break rules without having a valid reason to do so. You are on your own your trading journey, so why not try to think outside of the box? Most traders work according to the way that has been mentioned in whatever material they have read. But this might limit your success. So go beyond the bounds of convention, and the sky is the limit.

Everyone wants to lead their dream life. People wake up very early in the morning thinking about how to can secure their financial freedom. Due to the global economic crisis, finding the perfect job has become extremely hard. Even if you manage to have the right position in the top tier of a company, the chances are that you will become a victim of professional politics in the working environment. So what do you need to do to live your dream life? This is where the term Forex trading comes into action. If you can master the art of currency trading, you can easily use a high leverage trading account to make a huge profit from this market. But things are not so easy. You have to learn the details to find the best trades. In today’s article, we will highlight three important strategies you need to know as a trader.

Price action trading strategy

Price action trading strategy is extremely popular among the professional traders. It allows them to trade the key levels of the market with an excellent level of accuracy. Some of you might think about mastering the art of price action trading is nearly impossible, since you will have to memorize different candlestick pattern. But if you can understand the psychological reason behind the formations of such candlestick patterns you can easily improve your chances of winning trades. Those who are looking to make a quick profit from this market will have to face extensive losses even after using price action system. You need to trade the market in a stress-free environment and focus on the long-term trend. Try to do the multiple time frame analysis and wait for the confirmation signal to place your order. Never rely on your emotions as they will likely lead you to overtrade the market.

Chart pattern trading strategy

Chart pattern trading is often considered the most advanced form of trading strategy. In fact, this is one of the most effective ways to execute a long-term trade in your online trading account. During the event of the high impact news release, the market becomes extremely volatile and it becomes nearly impossible to find the best trades. But this doesn’t mean the professional traders are not taking advantage of the highly volatile market. They are simply using the different chart pattern to ride the long-term trend. Most of the time the price tends to break a major support and resistance level after the news is released. So there is no point in placing trade prior to the scheduled news event as it will increase the risk factors dramatically.

Simple trend line trading strategy

Though the trend line trading system is extremely simple the professional traders often consider it as the most effective way to make money. First of all, you need to identify the trend in the higher time frame. Those who try to ride the trend in the lower time frame are the ultimate losers. However, there are some scalpers making a huge profit by trading the minor trends. As a new trader, your prime focus should be on the daily time frame since it will give you an overall picture of the market. If possible try to use your price action and chart pattern trading know-how to find the best trades. Some of you might even use the Fibonacci retracement tools to find the strong levels of the market. When you do use the Fibonacci retracement tools, make sure you are using the correct time frame and key swings of the market.

So far you have read about the most important strategies in the retail trading industry. If you can master these three simple strategies you will be able to trade like the pro trader. So learn this three point system very carefully in order to execute the best trades in this dynamic market.

It has often been said that debt is one of the ugliest four letter words on the planet. Truth be told, the biggest empires have been built on debt-fueled financing. All big-ticket purchases require credit approval. These expense items include things like homes, college education, vehicles, exotic vacations, et al. Without loan approval, none of these things is possible for the typical US household. The problem is not so much debt; it’s one’s ability to meet these financial commitments.

There is a particularly uplifting story from a gentleman by the name of Mr. Jim Davies. He was in debt to the tune of $400,000 +, and he managed to repay it within two years. According to leading debt management website, DebtConsolidation.com, Jim Davies paid off $400,000 within 21 months. Many folks complain about debt burdens of $5,000, but for Jim Davies his debt burden amounted to 80 times that. For most middle income families, that is the equivalent of an entire mortgage that gets paid off within two years. But it’s the way Mr. Davies went about his debt repayment that is astounding. His is a story that has inspired many US households, and for good reason.

What Mr. Davies did was genius. He was determined to repay his debt as quickly as possible, and it began with a budget. Not just any budget – a strict budget. He also carefully considered his personal loan options. Since student loans were a big part of his overall debt burden, he tackled that with gusto. The game plan can work for anyone, since all of us are saddled with debt of one kind or another. Statistics indicate that 65% of Americans have a mortgage debt, 50% have credit card debt, 32% have automobile loan debt, 25% have student loan debt, and 21% have medical loan-related debt.

Collectively, it’s easy to see how good debt and bad debt gets lumped together into a mountain of repayments. For Jim Davies, the game plan was simple: get qualified as a specialist medical doctor and pay down the debt as quickly as possible. His advanced education was to take 14 years (school and training) with 5 years of undergrad studies, 5 years of medical school, and 4 years of residency.

So how did he get into such debt to begin with? The cost of tertiary education in the United States is extremely high. Besides student loan debt, he used credit cards to support him while he was studying. His debt/income ratio was 138%, and he owed $300,000 in student loans consider that the average interest rate on these types of loans was around 6.8%. The annual percentage rate on his credit card was hovering around 16%, and interest rates for his credit card repayments amounted to $1,300 per month. The monthly minimum payments amounted to $4,000, and at that rate it would take 2 decades to repay this debt.

So how did he do it in 21 months?

For starters, he had a decent credit score, and when he finished medical school, his base salary was $250,000 a year, which amounted to $175,000 per year after taxes. He was also married, and his wife was making $40,000 a year. Instead of paying rent while he was a student, he had a condo that was purchased for him for a price of $200,000. It had appreciated to $300,000 by the time he finished medical school. He sacrificed everything, except the bare necessities to repay his debt. He stopped making big purchases, and he bargain shopped everywhere he went. There were no vacations for a while, and he and his wife lived off her salary while they were aggressively paying off the debt.

He managed to find an online lender to help refinance the student loans at no extra charge, and he chose a no-penalty repayment loan with a variable interest rate which was lower than the prevailing interest rate. It worked in his favor. The story of Jim Davies could be the story of anyone with enough financial sense to attack debt on every level. The problem with debt is that many people continue living the same lifestyle even while they are heavily indebted. The only way to avoid excessive debt is to make lifestyle changes and sacrifices.

For a new investor Contracts for Differences (CFDs) are where it starts to get complex.

Sure, the start of an investment journey can seem overwhelming at first. But after the initial establishment of a trading account and the first couple of buys, the process gets easier.

Ultimately building investment expertise is a long road, and CFDs are one stage in it.

Contracts for Differences Defined

New buyers understand the ‘regular’ purchase of a stock today sees them take ownership of the stock the same day. Futures trading still features a buying and selling process, but has a different structure when it comes to ownership. Instead of ownership of the actual asset, a CFD sees a buyer acquire a tradable instrument that ‘mirrors’ the assets market behaviour.

When someone buys one of these tradable instruments they take what is known as a ‘position’.

This position is obtained by forming a contract with a broker, with an agreement they will ‘reverse’ the process at a certain date. For example, a broker agrees to sell a buyer 10 stocks at the market price on May 1, and the buyer agrees to resell them to the seller at market value on June 1.

If the price has increased in value between May 1 and June 1, the broker agrees to pay the buyer the difference. If the price has decreased during the same period, the buyer will pay the broker the difference. Like any investment there are risks involved in CFDs but when done successfully it can be a solid avenue

Because the buyer agrees to buy a tradable instrument (a mirror) rather than the asset itself (the stock), it is a good way to gain exposure to international stocks more easily, and reduce regular commission fees. Put simply, CFDs can be a simple and cost-effective way of investing for those who want to gain market exposure, without having to navigate all the bother that can come with buying a stock‚ monitoring it daily‚ needing to anticipate market movements around it‚ and then being ready to sell it when a good time arrives.

How Do Investors Use CFDs Successfully

At its heart, a good investment strategy will always be at its best with diversification.

Diversification may mean you miss out on some gains occasionally – if a stock you bought for $1000 in skyrockets you may wish in hindsight you put $10‚000 in it! – but ultimately it’s really a form of ‘investor’s insurance’. In event something does go wrong in one sector a diversified list of assets will minimise your fall out‚ and ‘spread the loss’ over your portfolio. This is always preferable to being invested in just one stock or sector‚ and being always at risk a market crash could totally ruin your portfolio.

Some investments will deliver (essentially) risk-free returns, but they will be small. Other investments can deliver great returns but their risk is high. There is no one magic stock of form of investment that will the perfect combination of low-risk and high reward each and every time.

When pursued with this understanding in mind, investors can use CFDs to gain access to greater leverage than they could by buying regular stocks. They can also seek to invest in a wide array of investment classes, such as indexes, currencies, treasury, sector, and commodity CFDs.

Diversification is at the heart of all good investing, and CFDs can be a great way to achieve this.

What Are the Common Pitfalls of CFDs

The risks surrounding CFDs are a lot like the risks of a regular driver using a race car.

With this right mindset and experience, CFDs can be a great vehicle to drive you towards your investment goals. But speed can be dangerous, especially when you can’t fully see the road ahead.

Even within relatively stable sectors where CFDs can be obtained, there is still the risk that there could be the outbreak of a scandal, or some major crisis, that sees a stock’s price crater. This can happen to blue chip stocks too, like Volkswagen in 2015, or Facebook with the Cambridge Analytica scandal in 2018. Stock prices tumbled for both due to public relations disasters.

At its core this is the chief risk of CFDs. That an investor may be able to reasonably shoulder a small loss in stock price value, but a colossal loss could be really damaging. The risk of these events occurring is arguably only getting big, as the disruption era changes the face of business, and means the old stability certain sectors once enjoy are replaced by permanent volatility.

Conclusion

CFDs can come with a higher risk than buying a regular set of stocks, the rewards can be greater. Especially when pursued with research and experience in-hand. These two qualities grow the odds any CFD an investor pursues will prove beneficial in the end.

Overtime, a seasoned investor comes to understand its wise their portfolio has some element of higher risk to it. Built upon a foundation of other low-risk investments, exposure to higher risk via CFD can deliver really strong returns. Provided the pitfalls of doing so can be navigated, incorporating regular acquisitions of CFDs in your investment strategy can prove beneficial.

This article is for informational purposes only and should not be taken as constituting professional advice.

You might be considering a roof repair for a number of reasons. Perhaps you have been planning to replace your roof with a new one for a while now, and are prepared for the cost. You may have to move more quickly if you suddenly discover a leak that could lead to further damage if it is not addressed. Another reason might be storm damage that has ripped part of your roof away.

It really doesn’t matter why you need your roof repaired. The fact is that you do, and it is looking to be an expensive proposition. According to homeadvisor.com, the national average for installing a new roof is over $7,000. This is typically not the kind of cash that we have laying around just waiting to be used in a home repair.

The problem is that roof repairs need to be addressed fairly quickly. Failure to take care of your roofing problem in a timely manner will lead to other problems that will end up costing you a lot more to resolve. If you do not have the cash reserves, you will need to finance the repairs. Here are some ways that you can do that.

Savings

Using your savings is the best way to finance a roof repair. If you suspect that you will need a new roof in the next several years, you should start putting away $100 a month toward the eventual cost of your replacement or repairs. You will soon get used to having a little less free cash every month but will be rewarded when the time comes for your repairs by being able to pay in cash without any of the hassles or fees associated with other financing options.

Credit Card

If you do not have the cash on hand to repair your roof, you may be able to use a credit card. Try opening a new account with a card that offers a promotional rate of 0%. Put your roof repair bill on that card, and then don’t use it for anything else until the roof repair is fully paid. By breaking your total cost into twelve monthly payments, you can avoid paying any interest as you essentially finance yourself.

The risk is in not paying the bill off in the first 12 months and then getting hit with the interest payments. Careful budgeting should allow you to avoid this pitfall.

Home Equity Line of Credit (HELOC)

A home equity line of credit is another way to finance your roof repair. When applying to a bank for a home equity line of credit, they will take into consideration the amount of equity that you have in your home. Then an amount of the line of credit is determined, and you borrow against it as you need it. This means you can control exactly how much you are borrowing, as opposed to a loan where you are getting the full value up front.

The flexibility offered by an HELOC may be what you need to make the roof repairs that you need. The best place to start is with your current mortgage holder, who can advise you on their policies regarding HELOCs. If you have sufficient equity in your home to cover your roof repairs, this might be the way to go.

Personal Loans

If you do not have sufficient equity in your home to apply for a line of credit, a personal loan may be the answer for you. Another benefit of a personal loan is that the application process can often take much less time than an HELOC, and in some cases, your roof repair needs to be done very quickly.

Many financial institutions offer personal loans tailored to home improvement. You can obtain roofing loans through these companies based on your own credit history and FICO credit score. In addition to being able to obtain your financing quickly if needed, other benefits are that there are no prepayment penalties with personal loans and you will be paying a fixed amount each month, which makes your budgeting simpler.

Government Grants

There are a number of different government programs designed to assist low-income families according to homeadvancement.com. Depending on the condition of your roof, these programs can help pay for part or all of your roof repair or replacement cost.

The Weatherization Assistance Program is run by the U.S. Department of Energy. It is primarily concerned with helping low-income families maintain a safe and healthy living environment while reducing heating and cooling costs. The Department of Agriculture runs a similar program called the Section 504 Home Repair Program which offers grants for improvements to low-income families living in single-family houses.

There are other programs available, and your local roofing professional may be able to give you more information. These programs all have income restrictions but can be a major help if your finances are not up to paying for a roof repair.

FHA Title I Loans

FHA Title I loans are fixed-rate loans that are backed by the Federal Housing Administration. The federal government does not actually make the loan, but insures loan providers against default and encourages those providers to make loans available to homeowners with little or no equity in their home.

There are restrictions governing who can apply for a Title I loan. You must have lived in the house for 90 days and you must either own it or have a long-term lease on the property. The proceeds of the loan must be used for the specific home improvements that were indicated at the time you applied for the loan. There are no minimum credit scores and you can receive a loan even though you have no equity in the home.

Conclusion

These are some of the ways you can finance a roof repair. When you have roof problems, you don’t want to wait long before addressing them. Using one of these resources, you should be able to get your roof repaired and keep your home dry and protected.